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State labor law posters and federal labor law posters have been changing more frequently than ever because there has been so much legislative activity in the employment area in the past few years—and this trend is continuing.

Among the labor law topics that are getting the most attention right now on compliance posters are wage and hour regulations, family leave, sick leave, discrimination, child labor and occupational health and safety.

The numerous state minimum wage laws that passed across the country prior to the 2007 federal minimum wage increase are an example of these changes.

Ten states now have minimum wage rates that adjust annually (Arizona, Colorado, Florida, Missouri, Montana, Nevada, Ohio, Oregon, Vermont and Washington).

A common misconception about compliance posters is that they only change at the first of the year.  Although there are usually more state changes in January because of laws that go into effect then, state labor law posters can change at any time.

Each state has its own posting requirements, and these are found in the individual labor laws.  (Poster requirements for federal labor law posters are also found in the federal laws.)  Some states—like California, Louisiana and New Jersey—require 10 or more state posters while others require as few as two.

Posters are required most often by states are wage and hour regulations, family leave law, sick leave regulations, health and safety, child labor, unemployment, workers’ compensation and discrimination.

When a new state or federal labor law passes, it does not mean a new poster is automatically required or even that an existing poster will be amended.  This is because not all laws include a posting requirement.

If there is a new poster requirement, the poster may be delayed while final regulations are drafted to carry out the law, hearings are held for public comment or the issuing agency determines the content and wording to use on the posters

FICA Tip Credit is a credit for Employer Social Security Paid with respect to Employee’s Cash Tips. Only an employer in food or beverage industry, where the employees are getting tips, is applicable to receive the credit. If you paid Social Security and Medicare taxes on these tips, then you
deserve the tip credit based on how much tax you paid on those tips.

This FICA Tip Credit can be hundreds of dollars depending on the size of the company and how many employees you have.  Your business is eligible to receive credit for any Social Security and Medicare taxes it pays beyond the federal minimum page.  In other words, no credit is given for tips used to meet the federal minimum hourly wage rate.

To receive more information or to know about how to get the FICA Tip Credit, contact Garden State Payroll at info@gardenstatepayroll.com or
give us a call at 877-898-0415

New regulations require all paid tax return preparers to obtain a PTIN. Renewals
for 2012 are expected to start in October 2011. In the future, some preparers
will need to pass a competency test and background check, and take continuing
education courses. For more information, see http://www.irs.gov/taxpros/article/0,,id=210909,00.html

Garden State Payroll- Is a New Jersey based Company servicing the TRI-STATE AREA. GPS INC. is a Trade Marked name recognized for quality service. GSP, offers all the
same great services that our larger payroll competitors. We just do it at a
significant cost savings…. You might ask HOW can we do the same for less? It’s easy, while Garden State Payroll works for OUR CLIENTS and their NEEDS. Our larger competitors worry about Wall Street, not Main Street USA. We specialize in Main Street USA and we always will!!! We specialize in New Jersey Based businesses in Newark, NJ… Jersey City and Hoboken, New Jersey. Our Brand has a significant presence in Atlantic City, New Jersey… So Business owners in New Jersey (Garden State), New York and PENN. Give us a Shot and see the SAVINGS and the VALUE 877-898-0415…

http://www.irs.gov/newsroom/article/0,,id=239533,00.html

Garden State Payroll Update
Compliance Update

IRS Announces Mid-Year Mileage Rate Increase of 4.5 Cents

The IRS has announced an increase in the optional standard mileage rates for the final six months of 2011 [IR-2011-69, 6-23-11; www.irs.gov/newsroom/article/0,,id=240903,00.html]. Citing “recent gasoline price increases,” the IRS has increased the standard business mileage rate from 51 cents to 55.5 cents a mile for all business miles driven from July 1 through December 31, 2011. The rate for deductible medical or moving expenses is increased from 19 cents to 23.5 cents a mile. Note: The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.

The mileage rate may be used to compute the deductible cost of operating a passenger car (also vans, pickups, or panel trucks) for business purposes. It may also be used by employers to reimburse employees for business use of their personal vehicles and to determine the amount that needs to be imputed to an employee’s income for personal use of certain company-owned or leased nonluxury vehicles.

Mileage Rate Changes

 

Purpose

Rates 1/1 through 6/30/11

Rates 7/1 through 12/31/11

Business

51

55.5

Medical/Moving

19

23.5

Charitable

14

14

 


Learn more about the tax provisions of President Obama’s 2011 and get aquainted with updated tax laws:http://www.taxpolicycenter.org/taxtopics/2011_budget.cfm. For more information, contact Garden State Payroll at  877.898.0415

On March 5 1998, a law was signed by Governor Whitman that requires all New Jersey employers to report basic information about employees who are newly hired, rehired, or who return to work after a separation of employment.  All employers are required to submit New Hire Reports within 15 days of the employee’s first day on the job.  Garden State Payroll can help in keeping you in compliance with the New Hire Reporting Law.  Contact GSP at 877-898-0415 or visit us at our website http://www.gardenstatepayroll.com

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